Construction Industry News
The residential sector remains a major driver of the Indian real estate market, which is evident in the large land deals it stimulates. With residential demand reaching unprecedented levels, many prominent developers, both large and listed, along with other entities, are actively acquiring land. In addition to residential properties, prime land deals are also driven by demand for commercial, retail, industrial, logistics and warehousing space in prime locations across India.
Data from ANAROCK indicates that many developers and entities closed approx. 101 separate land deals in fiscal year 2023-2024, together representing approximately 2,989 acres nationwide. On the contrary, in the financial year 2022-23, there were 88 land deals worth approx. 1,886 acres have been closed in various cities.
“Interestingly, out of the total land deals in FY24, over 83 deals were closed for around 1,135 acres in top 7 cities alone,” says Anuj Puri, President. – Anarock Group. “The remaining 18 deals, representing over 1,853 acres, were concluded in various tier 2 and 3 cities like Ahmedabad, Ayodhya, Jaipur, Nagpur, Mysuru, Ludhiana and Surat. Tier 2 and tier 3 cities have once again emerged as tremendous growth engines, thanks to the improvement It is worth noting that in terms of total area, Bengaluru recorded 14 deals of more than 490 acres, which is the highest among the 7 largest cities.
The number of deals in FY2024 increased significantly - from 88 deals of over 1,886 acres in FY2023 to approximately 101 deals of over 2,989 acres in the current fiscal year and in terms of total area, approximately 58% of additional land was purchased in FY20. 24 compared to fiscal year 2023."Approx. At 4.93 lakh units, residential sales in the top 7 cities have achieved a new peak in FY24, Puri adds. “In particular, large developers and stock market-listed ones have recorded very high sales and it makes sense for them to buy land in prominent urban micro markets. As a result, the previous financial year saw some very notable land deals. Proposed developments
Of the total land deals in FY24, approximately 80 deals are unbundled. 2,252 acres are allocated for proposed residential, development and municipal projects. In the residential category, deals were closed in Pune, Bengaluru, MMR, Hyderabad, NCR, Chennai, Mysuru, Ayodhya and Jaipur.
Agreements have been concluded for proposed development projects in cities like Sonipat, Nagpur, Surat and Ahmedabad, while municipal projects are scheduled for Ahmedabad, Bengaluru, Thane, Ludhiana and Ghaziabad.
Combined commercial and retail saw the closing of 4 separate deals across over 42 acres. Of these, 3 were earmarked for commercial development (one in Gurugram, one in Noida and one in Mumbai) and the retail deal was closed in Thane.
At least 79 acres have been earmarked in four separate deals for mixed-use developments in cities like Pune, Mumbai and Ludhiana.
Approx. 164 acres have been closed in five separate deals for industrial, IT and logistics parks in Gujarat, Chennai, Navi Mumbai, Nagpur and Cuttack.
The top developers who purchased plots for various development projects in FY24 include: Godrej Properties, Eldeco Group, Adani Realty, Signature Global, Oberoi Realty, DLF India, Prestige Group, K Raheja Corp, Brigade Group and others.
